Tricia Rodewald

Is there room for innovation in today’s medical device industry? The answer, of course, is yes. But getting state-of-the-art, game-changing medical devices developed and made often is easier said than done. Many U.S. medical device companies are making small changes to existing devices and calling them “new.” But they aren’t really innovating.

So what’s hindering U.S. medical device companies from innovating to their fullest potential? Some claim the medical device tax; a complicated, costly and time-consuming regulatory environment; and a greater demand for evidence-based devices create obstacles to innovation.

But others, such as Smith & Nephew plc CEO Olivier Bohuon contend the medical device industry should stop complaining about government cutbacks in funding for health-related services and blame itself. Bohuon is quoted as saying, “Many people are blaming price erosion on government austerity measures, but they are wrong. What is happening is that we as an industry are not bringing in enough innovative products to get higher prices.”

Whatever the reason, industry leaders maintain that innovation is still the way to overcome challenges facing the industry. So what can medical device companies do to be more innovative and develop products that can transform healthcare delivery and perhaps reduce costs? Consider these tips and strategies: